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administrative fee payment due following the Effective Date shall be prorated from the last payment date, based on a 30/360 day count. 2.2 Refunding Fee. In connection with the issuance of the New Corporation Bonds, the Corporation may charge a Refunding Fee calculated in accordance with the Corporation’s Intended Use Plan in effect at the time of the issuance of the New Corporation Bonds. Any such Refunding Fee shall be collected by the Corporation from the proceeds of the New Corporation Bonds. Il. TAX MATTERS 3.1. | Confirmation of Certain Tax Matters. The Recipient executed an Arbitrage and Use of Proceeds Certificate in connection with the issuance of the Recipient Bonds (the “Existing Tax Certificate”), a copy of which is attached hereto. In connection with the execution of this Certificate, the Recipient has reviewed the Existing Tax Certificate and confirms that it has complied with and covenants that.it will continue to comply with all the procedures, provisions and covenants set forth in the Existing Tax Certificate with respect to the Project, the Recipient - Bonds and the Prior Corporation Bonds. The Recipient agrees and hereby represents that it will apply the procedures, provisions and covenants set forth in the Existing Tax Certificate to the New Corporation Bonds and covenants to comply with all such procedures, provisions and covenants to the extent necessary to maintain the exclusion of the interest on the New Corporation Bonds allocable to the Recipient Bonds from federal income taxation, including, without limitation any yield restriction payment or rebate to the United States Treasury Department required under Section 148 of the Code. 3.2. Use of Prior Bond Proceeds and Grants. Unless stated otherwise in | Schedule A hereto, the Recipient has spent all proceeds and amounts treated as proceeds of the Recipient Bonds (other than amounts periodically deposited in a debt service fund) and all grant moneys received, if any, with respect to the Project, (collectively, the “Moneys”), for the purposes and within the time limits set forth in the Existing Tax Certificate. Any Moneys remaining unspent, as summarized in Schedule A hereto, excluding any amounts held in escrow for the purpose of refunding Existing Indebtedness (as defined in the Existing Agreement) and amounts © required to be held in the Local Debt Service Fund, if any, by the Recipient’s bond documents (collectively, the “Nonrequired Unspent Moneys’), have been or will be applied to the redemption of the Recipient Bonds on or prior to the Effective Date. To the extent that the Nonrequired Unspent Moneys are held by the Corporation or the Depository Bank, the Recipient hereby authorizes the Corporation to direct the application of the Nonrequired Unspent Moneys to the redemption of the Recipient Bonds. To the extent the Nonrequired Unspent Moneys are not held by the Corporation or the Depository Bank, the Recipient shall transfer the Nonrequired Unspent Moneys to the Corporation ten (10) business days prior to the Effective Date. 3.3. Reimbursement. The Recipient represents that none of the proceeds of the Recipient Bonds were used to reimburse an expenditure paid by the Recipient before the issue date of the Recipient Bonds and none of the proceeds of the Prior Obligations (as defined in the Existing Tax Certificate), if any, were used to reimburse an expenditure paid by the Recipient before the issue date of the issue of the Prior Obligations used to finance the costs allocated to the expenditure unless: 2 2026 B & C Refunding Certificate — Series 2015 B, 2015 D and 2016 B Refunding